The distinguishing characteristic of a public good is
A) noncompetitive production.
B) durability.
C) exclusivity.
D) nonrival consumption.
Answer: D
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What are the major components of M1? What are the major components of M2? Describe each component
What will be an ideal response?
Excess capacity in monopolistically competitive industries results because in equilibrium
A) each firm's output level is too great to minimize average cost. B) each firm's output level is too small to minimize average cost. C) firms make positive economic profit. D) price equals marginal cost.
In equilibrium in a mixed market:
A. the percent of low quality goods on the market equals the buyers' estimate of the percent of low-quality goods on the market. B. the percent of low quality goods on the market equals the sellers' estimate of the percent of low-quality goods on the market. C. 50% of the goods on the market are low quality and 50% are high quality. D. all low-quality goods have been driven out of the market.
The age-earning cycle shows declining income as a person approaches retirement age because
A) worker productivity is increasing rapidly. B) worker and hours worked diminish. C) companies choose to promote these workers faster. D) companies add-in Social Security payments as a supplement.